 "CCI approves acquisition of L&T AMC by HSBC Asset Management")
Fair trade regulator CCI has approved the acquisition of L&T Investment Management Ltd by HSBC Asset Management (India) Pvt Ltd.
"Commission approves acquisition of 100 per cent share capital of L&T Investment Management Ltd (L&T AMC) by HSBC Asset Management (India) Private Limited (HSBC AMC)," the regulator said in a tweet.
The transaction involves the acquisition by HSBC AMC and its nominees of 100 per cent share capital of L&T AMC from L&T Finance Holdings Ltd and its nominees, a notice filed with the regulator said.
Simultaneously, there will be a change in the sponsorship, trusteeship, management and administration of the L&T Mutual Fund schemes managed by L&T AMC.
The L&T MF schemes will be managed and operated by HSBC AMC, and HSBC Trustee will be appointed as the trustee of the L&T Mutual fund.
"Pursuant to the proposed transaction, the L&T MF will comprise part of and be considered to form an integral part of the HSBC Mutual Fund schemes (HSBC MF)," it added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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